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The new Payboo card is one hot mess

  
 
Craig Gillette
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p.3 #1 · p.3 #1 · The new Payboo card is one hot mess


While freezes are likely a good idea, could one have them in place if not having specifically directed one? Or, perhaps as a result of some of the credit agency issues, have some/any of them initiated freezes without being specifically directed to do so?

Following this thread and not having tried to get the new card yet, it seems we need to unfreeze with 3 agencies and now it's unfreeze with 5 agencies?



May 12, 2022 at 05:15 PM
amv8
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p.3 #2 · p.3 #2 · The new Payboo card is one hot mess


Craig Gillette wrote:
While freezes are likely a good idea, could one have them in place if not having specifically directed one? Or, perhaps as a result of some of the credit agency issues, have some/any of them initiated freezes without being specifically directed to do so?

Following this thread and not having tried to get the new card yet, it seems we need to unfreeze with 3 agencies and now it's unfreeze with 5 agencies?


I'm wondering this as well. I see no information on the LexisNexis website that indicates your credit report can be frozen with them without you doing it. But I'm seeing many people post here that their credit report was frozen at LexisNexis (per a letter from Comenity) and they don't recall doing it.






May 12, 2022 at 05:30 PM
GroovyGeek
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p.3 #3 · p.3 #3 · The new Payboo card is one hot mess


Post removed. Seems we no longer have the option to delete.

Edited on May 12, 2022 at 09:29 PM · View previous versions



May 12, 2022 at 09:12 PM
GroovyGeek
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p.3 #4 · p.3 #4 · The new Payboo card is one hot mess


Did all this and it did NOT work. All three credit reports were unfrozen ONE WEEK before applying. Double and triple checked. Within minutes after applying my Experian ID monitoring service immediately reported not one but two inquiries on my Experian account, which absolutely, positively was unlocked a week earlier. The "Dear John" letter from Comenity points me towards Lexis Nexis - as I said, I did not even know they do credit reporting and I have definitely not frozen my credit report with them. Furthermore they do not give the consumer any provisions to unlock their report - online, or on the phone. In fact, there are no humans answering the number Comenity gives you (888-395-0277).

Frankly, after all this I do NOT want a Payboo card. Will take my 5% cashback from Amazon instead of my 7% credit from B&H. I have ***zero*** confidence that if there is even a slight issue with my credit account at Comenity I will be able to resolve it. Amazon may be the retailer everyone loves to hate, but they have customer service absolutely nailed. That is well worth the 2% differential.

Frank Kearney wrote:
I have been to the mountaintop and here is the deal:

1. You must have unfrozen your credit report from Experian, Transunion and Equifax. You should also check the other two mentioned - Lexis and Innovis - which I did but I do not have a frozen report there.

2. If you are rejected, you must wait for the letter from Comenity, (7 days or so) and then wait 24 days from the date of the rejection letter to reapply. If you reapply too early (I did) the whole process starts over and again you must wait until the date of
...Show more




May 12, 2022 at 09:27 PM
AZHeaven
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p.3 #5 · p.3 #5 · The new Payboo card is one hot mess


Recieved a letter yesterday from B & H that I was pre approved for the new PayBoo card. But I'm guessing my credit report will still take a hit.


May 13, 2022 at 06:39 AM
Frank Kearney
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p.3 #6 · p.3 #6 · The new Payboo card is one hot mess


Seems like a much better way to do this. They should have some idea of who their good customers are.


May 13, 2022 at 07:38 AM
Frank Kearney
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p.3 #7 · p.3 #7 · The new Payboo card is one hot mess


I agree with your observation of Comenity's "customer service". They must be wallowing in hubris to believe they don't have to be more proactive with new customers. How hard can it be to offer assistance to new customers? And why are they depending on Lexis and Innovis, when it is clear that Equifax, Experian and Trans-union are more than capable of providing the necessary information?


May 13, 2022 at 07:43 AM
eyal
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p.3 #8 · p.3 #8 · The new Payboo card is one hot mess


Did anyone who successfully received the new PayBoo card received any email confirmation after applying?

I unlocked all 3 credit freezes on Sunday and applied. No emails.

Called now (Friday) to Comenity and they had no record of it and advised me to try again.

Reapplied on BH. At the end it just says to expect written/mail response in 10-14 days. Again, no email confirmation.

Is that normal?



May 13, 2022 at 10:25 AM
amv8
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p.3 #9 · p.3 #9 · The new Payboo card is one hot mess


Iíve been watching the threads on the Payboo card for quite some time and wanted to share some thoughts, clarifications, and commentary.

First, I do not have a Payboo card. Given the stories Iíve seen posted here and elsewhere wrt Payboo and Comenity Bank in general, I have not bothered to apply.

While I think most understand this, Based on some of the comments Iíve read, I wanted to clarify something. When you purchase using the Payboo card, sales tax is still being paid (B&H is remitting it on your behalf). You are receiving a discount on the purchase equivalent to the amount of sales tax due on the regular purchase price. Iíve wondered if by advertising it as ďSave the TaxĒ, B&H gets around the minimum advertised price (MAP) policies set by their brands.

So why does B&H offer this program? They donít do it to be nice (and Iím not suggesting that theyíre not nice folks) or just to increase customer loyalty. They do it to increase their profits. Thereís no way that B&H completely absorbs the discount they are providing to Payboo card holders.

Hereís my take on how the financials of this program work. As you probably know, B&H pays various merchant fees on credit card transactions. I donít think PayBoo is part of the Visa or Mastercard network (as I mentioned, I donít have a PayBoo card but the pictures of it donít show a logo) so those merchant fees are likely less than what B&H would pay on a Visa, Mastercard or Amex transaction.

Remember those incredibly high interest rates that Comenity charges if you donít pay your balance in full as well as the late fees? I expect Comenity shares the revenues from those high interest rates/late fees with B&H to cover most if not all the discount that B&H is passing on to the customer. So overall, when customers use the PayBoo card, the customer gets a lower purchase price, and I believe B&H comes out at par or maybe even a bit ahead on their net when taking the card fees and ďsales tax discountĒ into account. It also helps on the customer loyalty side.

For this to work, there needs to be a certain number of Payboo card holders that will on occasion carry a balance on their card and thus pay those high interest rates. I guarantee you that Comenity has a team of data analysts that have the numbers figured out to run their business. They know how their card holders spend, carry balances, etc. and know the profiles of consumers that will be profitable customers to Comenity.

Based on posts where people are getting responses from Comenity that their credit was frozen at LexisNexis/Innovis, poor customer service from Comenity, etc. and the posters donít recall freezing their credit with LexisNexis/Innovis, and other posts where people are instantly approved for the PayBoo card, hereís where Iím really going to speculate. If you have strong credit and donít ever carry a credit card balance, Comenity doesnít really want you as a customer because youíre not as profitable to them. So they put barriers (e.g. your credit report was frozen at LexisNexis even though it wasnít at Experian, Equifax, or TU, please wait 30 days and try again) in the way hoping that you will eventually go away. As I said, this is merely speculation, and Iíd love to hear from others who have applied that think that this might be a viable explanation based on their experience.



May 13, 2022 at 04:16 PM
liggy
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p.3 #10 · p.3 #10 · The new Payboo card is one hot mess


@amv8

I do believe you may be on to something.

My credit is good and I have never *not* made a payment in full every month on any of my cards so I would not likely be a good revenue source for fees/interest and have been rejected by Comenity despite having a $20K+ credit line on the old Payboo card.



May 14, 2022 at 02:03 AM
 


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amv8
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p.3 #11 · p.3 #11 · The new Payboo card is one hot mess


liggy wrote:
@amv8@

I do believe you may be on to something.

My credit is good and I have never *not* made a payment in full every month on any of my cards so I would not likely be a good revenue source for fees/interest and have been rejected by Comenity despite having a $20K+ credit line on the old Payboo card.


Did Comenity provide you with a written response explaining the reason for rejection, and if so did it seem legitimate? If they didn't, I believe you have 60 days after the rejection to request a written explanation which they are legally required to provide.




May 14, 2022 at 03:12 PM
Quicksetter1
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p.3 #12 · p.3 #12 · The new Payboo card is one hot mess


eyal wrote:
Did anyone who successfully received the new PayBoo card received any email confirmation after applying?

I unlocked all 3 credit freezes on Sunday and applied. No emails.

Called now (Friday) to Comenity and they had no record of it and advised me to try again.

Reapplied on BH. At the end it just says to expect written/mail response in 10-14 days. Again, no email confirmation.

Is that normal?


I did. Unfortunately, I also was affected by the "30 days" to reapply after I had removed a freeze on only one Credit reporting firm. I figured that all Credit reporting agencies had same information, so why would I have to un-freeze the other two. I removed the freeze for two weeks once the 30 day wait period ended, and less than a week later recieved notification almost immediately that I was approved. However, I did wait for the actual card to arrive before placing any purchases.



May 14, 2022 at 03:37 PM
liggy
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p.3 #13 · p.3 #13 · The new Payboo card is one hot mess


amv8 wrote:
Did Comenity provide you with a written response explaining the reason for rejection, and if so did it seem legitimate? If they didn't, I believe you have 60 days after the rejection to request a written explanation which they are legally required to provide.



They did. Essentially a letter stating that my credit freeze prevented the approval. No other communication.
Iím just going to shop elsewhere.



May 14, 2022 at 04:34 PM
amv8
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p.3 #14 · p.3 #14 · The new Payboo card is one hot mess


liggy wrote:
They did. Essentially a letter stating that my credit freeze prevented the approval. No other communication.
Iím just going to shop elsewhere.


Understood about wanting to shop elsewhere. Technically, they wouldn't call that a rejection, rather they would argue that they can't evaluate you until they can pull your credit. Was your credit report frozen at the "big 3" or were they claiming it was frozen at LexisNexis or Innovis? While LexisNexis is a reseller of credit info obtained from the big three, as well as a collector/seller of other types of credit information about you, I don't see how they (LexisNexis) could freeze your credit without you requesting that. The only possibility that I can think of is that one has their credit frozen at the big 3, Comenity goes to LexisNexis as a reseller of the big 3, and LexisNexis says the credit report was frozen so they can't respond. However, there's also my theory that with good credit and not carrying a balance, you don't fit Comenity's customer profile...Regardless, I would argue that this type of customer service is not the way for B&H to build customer loyalty.




May 14, 2022 at 05:05 PM
amv8
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p.3 #15 · p.3 #15 · The new Payboo card is one hot mess


Quicksetter1 wrote:
I did. Unfortunately, I also was affected by the "30 days" to reapply after I had removed a freeze on only one Credit reporting firm. I figured that all Credit reporting agencies had same information, so why would I have to un-freeze the other two. I removed the freeze for two weeks once the 30 day wait period ended, and less than a week later recieved notification almost immediately that I was approved. However, I did wait for the actual card to arrive before placing any purchases.


While there's lots of overlap in the info in your credit file from the big 3 CRAs (Credit Reporting Agencies), they are not necessarily identical. I don't know how Comenity chooses which CRA to pull from, but I wouldn't expect them to pull from more than one as Comenity pays the CRA for each credit inquiry. So if you did the un-freeze at only one CRA and they inquired from a different CRA, it come back as frozen. Obviously, the entire process is automated.




May 14, 2022 at 05:12 PM
pjheller
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p.3 #16 · p.3 #16 · The new Payboo card is one hot mess


I think you may be onto something about people being rejected for good credit.

I unfroze my credit reports for about a week at the big 3 to give Comenity plenty of time to access the info. If Lexis/Nexus/Inovo wanted to access the info, it wouldn't have shown as frozen. Yet the letter(s) I get from Comenity say credit reports were frozen, so no card.

Not worth the hassle any longer.



May 14, 2022 at 05:23 PM
Boyd65
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p.3 #17 · p.3 #17 · The new Payboo card is one hot mess


I had the old Payboo, and when the new one was announced I went through their process and got approved immediately. Card came 10 days later. Been using the card hard to beat 10% credit. I have excellent credit rating and have never missed payments. Paid in full each time. Itís the only way to benefit from this card.


May 14, 2022 at 05:35 PM
amv8
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p.3 #18 · p.3 #18 · The new Payboo card is one hot mess


pjheller wrote:
I think you may be onto something about people being rejected for good credit.

I unfroze my credit reports for about a week at the big 3 to give Comenity plenty of time to access the info. If Lexis/Nexus/Inovo wanted to access the info, it wouldn't have shown as frozen. Yet the letter(s) I get from Comenity say credit reports were frozen, so no card.

Not worth the hassle any longer.


Yeah, I did a quick search on how long it should it take for unfreezing your credit to become active. The reference I found says the Federal Trade Commission requires unfreezing to become effective within one hour if you make the request online or by phone. Three business days from receipt if you request by mail.

I recall being on the phone with a lender (the lender told me which CRA they would pull from), unfreezing my credit at that CRA, and seconds later the lender saying they got the credit report.

Edited...

Straight from the source, here's the one hour requirement to lift a security freeze from consumerfinance.gov:

https://www.consumerfinance.gov/ask-cfpb/what-does-it-mean-to-put-a-security-freeze-on-my-credit-report-en-1341/



May 14, 2022 at 05:39 PM
liggy
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p.3 #19 · p.3 #19 · The new Payboo card is one hot mess


amv8 wrote:
Understood about wanting to shop elsewhere. Technically, they wouldn't call that a rejection, rather they would argue that they can't evaluate you until they can pull your credit. Was your credit report frozen at the "big 3" or were they claiming it was frozen at LexisNexis or Innovis? While LexisNexis is a reseller of credit info obtained from the big three, as well as a collector/seller of other types of credit information about you, I don't see how they (LexisNexis) could freeze your credit without you requesting that. The only possibility that I can think of is that one has
...Show more

Agreed. I placed a freeze on my credit due to being involved in a couple of hacks. In the meantime I received a card with no predefined limit whatsoever with a high annual fee but outrageously rich perks and another affinity card without even having to unfreeze my credit so Comenity can suck it as far as I am concerned.

I had a cordial exchange with HenryP of B&H and he said they didn't have a mechanism to intervene and it certainly doesn't seem as if B&H will change vendors so here we are.

The old "voting with my dollars".



May 14, 2022 at 06:35 PM
GroovyGeek
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p.3 #20 · p.3 #20 · The new Payboo card is one hot mess


The only commonality I see is that people who had their credit files frozen suffer from issues even after unfreezing. The problem appears to be with LexisNexis not getting updated info from the big-3 credit bureaus. Never experienced anything like this with any other credit provider - I have been able to unfreeze literally on the spot each time. Comenity failing to provide support just makes it not worth the effort anymore. Are they not seeing these cases stack up in their internal reports?


May 14, 2022 at 09:41 PM
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